View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-1424
ICR Reference No:
200808-1545-022
Status:
Historical Active
Previous ICR Reference No:
200509-1545-026
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Cancellation of Debt
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/20/2008
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/03/2008
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2011
36 Months From Approved
11/30/2008
Responses
605,519
0
647,993
Time Burden (Hours)
102,939
0
110,159
Cost Burden (Dollars)
0
0
0
Abstract:
Form 1099-C is used for reporting canceled debt, as required by section 6050P of the Internal Revenue Code. It is used to verify that debtors are correctly reporting their income.
Authorizing Statute(s):
US Code:
26 USC 6050P
Name of Law: Returns relating to the cancellation of indebtedness by certain entities
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
73 FR 34358
06/17/2008
30-day Notice:
Federal Register Citation:
Citation Date:
73 FR 57407
10/02/2008
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Cancellation of Debt
1099-C
Cancellation of Debt
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
605,519
647,993
0
0
-42,474
0
Annual Time Burden (Hours)
102,939
110,159
0
0
-7,220
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
As a result of new temporary and proposed regulations, the total burden estimate has decreased by 7,220 hours. These temporary regulations were introduced after our original 60-day notice was published. The proposed amendments will reduce the number of entities that are required to file information returns under section 6050P to report cancellation of indebtedness. One of the events that trigger information reporting under section 6050P is the 36-month nonpayment testing period (the 36-month rule). The amendments will reduce filers by limiting application of the 36-month rule to banks and other financial entities as defined in the original 1993 definition of applicable financial entities. Under the existing regulations, the 36-month rule also applies to any organization that lends money as a significant part of its trade or business.
Annual Cost to Federal Government:
$12,989
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Melody Devoe 2022837635
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
10/03/2008
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